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RE: [greenyes] JP Morgan Goes "Green" - Power of Activists

And also to the fine work of Rainforest Action Network.

Emily Utter
City Government Recycling Associate
SF Environment
11 Grove St. San Francisco, 94102
(fax) 415.554.6393

g (Meg Wilcox)
04/25/2005 01:54 "'Doug Koplow'"
PM <koplow@no.address>,
Please respond to cc
rg> Subject
RE: [greenyes] JP Morgan Goes
"Green" - Power of Activists

JP Morgan's decision has everything to do with pressure exerted by the
Investor Network on Climate Risk. For more info, see
JP Morgan shareholders wouldn't be aware of global warming risks without
the work of the INCR. Do you really think the WSJ would give green
groups credit if this weren't true?

Meg Wilcox
129 Portland Street, Suite 602
Boston, MA 02114-2014
Tel 617-367-8558 X305
Fax 617-367-0449

-----Original Message-----
From: Doug Koplow [mailto:koplow@no.address]
Sent: Monday, April 25, 2005 1:32 PM
To: greenyes@no.address; anderson@no.address
Subject: Re: [greenyes] JP Morgan Goes "Green" - Power of Activists

My reading of this is that JP Morgan's decision has nothing to do with
environmental group pressure and everything to do with better control of
the risks associated with their investments.

With Kyoto in effect, factors such as carbon emissions (and their
control or the purchase of emissions rights) already have real financial
effects in many countries. For long-term investments, such as a
coal-fired power plant for example, failure to integrate these costs
into plant economics (and lending assumptions) would be a rather
substantial mistake. It is probably not a coincidence that we are
starting to see changes in bank policies now.

Whether the other changes in JP Morgan's lending criteria represent true
successes of environmental and shareholder pressure as the WSJ implies,
rather than PR-oriented changes with far less bit than GHG costing, will
depend on the details of their 10-page policy soon to be released. If
others on the list read it through, I'd be interested in hearing your

-Doug Koplow

Doug Koplow
Earth Track, Inc.
2067 Massachusetts Avenue - 4th Floor
Cambridge, MA 02140
Tel: 617/661-4700
Fax: 617/354-0463

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>>> "Peter Anderson" <anderson@no.address> 04/25/05 12:35PM >>>
[With the total blackout from power in Congress and the White House, it
good to see how concerted organized action can still produce solid
constructive results for change, a fact which shows how out of phase the

current occupants in power are from the people. JP Morgan would not
its stripes for activists had they not perceived it as necessary to be a

viable player in the marketplace.- Peter]


J.P. Morgan
Adopts 'Green'
Lending Policies
April 25, 2005

Following pressure by ecological activists and shareholder groups, J.P.
Morgan Chase & Co. will adopt sweeping guidelines that restrict its
and underwriting practices for industrial projects that are likely to
an environmental impact.
The New York banking giant -- third largest in assets in the U.S. -- is
expected to issue a 10-page environmental policy today that takes an
aggressive stance on global warming, including tying carbon-dioxide
emissions to its loan-review process for power plants and other large
polluters. The bank also plans to calculate in loan reviews the
cost of greenhouse-gas emissions, such as the risk of a company losing
business to a competitor with lower emissions because it has a better
And J.P. Morgan plans to lobby the U.S. government to adopt a national
policy on greenhouse-gas emissions, becoming the first big American bank
pledge that kind of activism on such a contentious issue, according to
shareholder activists.
The bank's move, on the heels of activist campaigns that produced
pledges from Citigroup Inc. and Bank of America Corp., suggest that a
in tactics by the environmental movement is paying off. Green groups
largely failed in efforts to lobby the Bush administration on oil
and other issues. So they are pressuring corporations directly, hoping
counter business activity that could harm the environment.
Large banks are a particularly important target because of their
role in financing activity such as energy development and logging. By
agreeing to put some limits on lending, banks could forgo some
activity. But activists argue that eco-friendly policies can help banks
sidestep loan defaults and costly litigation associated with businesses
as logging and mining.
"This is increasingly becoming the way all banks operate," says Steve
Lippman, vice president of social research at Trillium Asset Management,
socially oriented investment firm based in Boston that helped lobby J.P.

Morgan. "J.P. Morgan is now raising the bar for the sector."

FOR FULL ARTICLE.,,SB111438883473915625,00.html
Peter Anderson, President
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Madison, WI 53705-4964
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